Why Routine Maintenance is Important for Your Rental Property
Routine repairs and maintenance for your rental property is key to retaining high-quality tenants and avoiding major property repairs and costs.
If you’re looking for a way to make your tenants happy while saving money on your rental property in the long run, routine maintenance is the key. Repairs and maintenance for your rental property can help keep your property in good condition and make it attractive to existing and future renters. Retaining high-quality renters is easier when your property is up-to-date, and everything is working correctly.
In addition to retaining good tenants and attracting new ones, keeping your rental property maintained helps to preserve and increase its value. Performing regular maintenance also prevents the need for major costly repairs.
You know you need to perform regular property maintenance, but what are the necessary tasks?
Air Filter Replacement
HVAC air filters should be changed or cleaned once every three months, or at least twice a year. If the air filter becomes too dirty, it creates poor air quality and makes the unit work harder. Worse yet, neglecting this task for too long could cause the unit to break down, forcing you to replace the system entirely.
Pests and insects may harm your rental property in more than one way. Pesky termites can cause costly damage. Also, tenants will not be happy in a home filled with insects such as roaches and spiders. Professional exterminators should be called to your property at least once a year.
Smoke and Carbon Monoxide Detector Tests
Making sure detectors in your property are working properly and have sufficient battery power is of utmost importance. It ensures the safety of your tenants and may help prevent a fire.
Water Heater Draining
Water heaters tend to have sediment buildup, which causes the unit to not work efficiently and may cause damage. To avoid purchasing a new water heater for your rental property, you should have the water heater drained at least once a year.
To prevent leaks and mold growth, the showers, baths, and sinks in your rental property should be inspected at least yearly. If there are cracks or breaks, you need to replace the caulk soon. Damage caused by water leaks and mold can be very expensive to fix.
Clogged gutters can cause costly damage to your rental property’s roof. Also, the water and debris build-up in gutters may attract undesirable pests. Gutters should be cleaned at least twice a year.
Inspections Catch Problems Before They Become Too Costly
Some appliances and devices need to be inspected regularly to ensure that you don’t run into major problems down the road. Here is a list of regular inspections that should be performed at your rental property:
- HVAC Inspection
- Fire Extinguisher Inspection
- Plumbing System Inspection
- Exterior and Roof Inspection
- Basement Inspection
How to Prepare For Repairs and Maintenance for your Rental
Now that you have an idea of the regular repairs for your rental property and a list of regular inspections, you will need to have a plan and an idea of the costs for these routine tasks.
1. Determine Annual Maintenance Costs
There are three methods landlords use to calculate rental property maintenance costs. The 1% method assumes that the annual cost of maintaining a rental would equal approximately 1% of the property’s value. In the 50% method, you would set aside 50% of the income of your property for maintenance. Lastly, the square footage method suggests that you would spend about $1 per square foot every year to maintain the property.
2. Have Reliable Contractors on Call
Perhaps you have the skills to complete a few of the maintenance tasks on your own, but some may be beyond your skill level. It is important to have a list of trustworthy contractors that can perform rental property maintenance services.
3. Plan a Schedule
After considering all the routine maintenance tasks that need to be completed and what time of year works best for each, you need to communicate with your tenant to plan a schedule that works for them and for you.
You're on Your Way to Saving Money and Keeping Quality Tenants
Following a regular rental maintenance checklist and schedule has proven to help retain and attract quality tenants, which saves you time and money. Be sure to communicate with your tenant about regular maintenance and inspections and come up with a plan that works best for both parties.
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